$2 PARTY, page-6883

They use EBTDA, which is not widely used in Accounting, reasoning that Interest is their stock in trade. The term was drawn from New York real estate developers who necessarily have big interest costs as part of their business model. The usual term is EBITDA and you will see ZIP mention EBTDA while all observers automatically convert that to EBITDA (as do their spell checkers). ZIP could probably achieve EBITDA in a few years if everything came up smelling like roses, but then take interest out, which is a necessary evil to finance almost $2.5 bil receivables................. I agree though, they will be stuck reporting their Group cash operating profit (which leaves out much of the underlying costs of the business) for some years to come and the holy grail - NPAT, as you mentioned - is unobtainium. Try possibly breaking even in a few years hopefully.........